LONDON, April 13 —
- Record Price: North Sea Forties crude climbed to $148.87 per barrel, the highest level ever recorded for the grade.
- Supply Fears: The surge follows plans for a U.S. blockade of the Strait of Hormuz, raising concerns about global supply disruptions.
- Brent Benchmark: Brent crude futures for June delivery rose about 6%, trading above $100 per barrel.
- Physical Market Strain: Buyers in Europe and Asia are scrambling to secure immediate shipments of crude oil.
- Industry Warning: Repsol CEO Josu Jon Imaz said physical oil transactions are “under a lot of strain.”
| Indicator | Figure | Context |
|---|---|---|
| Forties crude price | $148.87 per barrel | Record price for physical North Sea cargo |
| Brent crude futures | > $100 per barrel | June delivery contract |
| Brent historical peak | $147 per barrel | Previous record set in 2008 |
| Futures price jump | ~6% | Increase during latest trading session |
Physical Market Surges Above Futures Prices
European crude oil prices surged on Monday as the physical oil market tightened sharply amid geopolitical tensions in the Middle East.
The price of North Sea Forties crude reached $148.87 per barrel, surpassing its previous peak and approaching levels seen during the 2008 global oil price spike.
Strait of Hormuz Crisis Drives Panic Buying
Concerns about shipping disruptions around the Strait of Hormuz have intensified after the United States announced plans to block ships entering and leaving Iranian ports.
The strategic waterway handles a large share of global oil shipments, and any restrictions could significantly reduce supply reaching global markets.
Physical Oil Market Under Pressure
While Brent crude futures rose about 6% to above $100 per barrel, the price for physical cargoes available for immediate delivery climbed much higher.
Energy companies and refiners are rushing to secure supplies amid fears that the crisis could restrict shipments from the Middle East to Europe and Asia.
Repsol CEO Josu Jon Imaz said physical crude transactions were facing significant pressure due to tightening supply and logistical uncertainty.
Outlook for Energy Markets
Analysts say physical oil markets are reacting faster than financial futures because refiners need immediate cargoes to maintain operations.
Even if diplomatic efforts reduce tensions, traders expect volatility in oil prices to remain high as long as supply routes in the region remain at risk.
